points 14,614 we are off the lows but not by much. look at the nasdaq down with a 2% earlier is now down one point* nine 6% some of the biggest losers of the day on a broader stock perspective is material and mining. freeport-mcmoran and others trading sharply to the down side and that sentiment especially with the nasdaq the most recognizable name around the globe the biggest one day loss in two years you knew i would say apple this is under immense pressure. the stock is down more than $24 that is a loss for more than 5% we will talk more about that coming up.

a lot of stories trending today standing by at the nymex and see meager and we have nicole petallides on the floor at new york stock exchange in a moment of first let's go to our traders on the floor of the new york stock exchange was so many multinational companies coming in with earnings and this seems to be changing the tide of the market to the down side. >> this is a downtrend to begin with with the consolidation we have been waiting for and we want to point* fingers whether china or earnings we have the ability to do that. the united states sought a bit of recovery yesterday because of the safe haven for the rest of the world and that has washed away and the bank of america earnings , until and the like facebook number a little

bump to the housing side but if you are an individual investor at home these are the sell-off see one to have your shopping list out to be ready to buy. cheryl: by the names that you like is what you are saying. so the volatility index one delicate of vix index they say to a one to buy into the market? what you say? >> i do say that is what they're looking at it is a tale of two worlds. if you separate the dow jones and s&p goes in nasdaq and look at that with the russell 2000 it is a bearish world. you have the two worlds and so for the problem is if you sell the s&p and the dow since the beginning of the year the market comes back but the vix index is whipping around back and forth if investors try to

find out what is really going on. it doesn't hurt europe trying to lower interest rates. it could act as a prop and low commodity prices i have yet to see over the long term. cheryl: even the volatility is flawless style. -- volatile. let's go to the nymex. the global economic story take your pick whether eastern europe or try not -- china. usually this time we have the opposite story. what is your take? >> we do have the demand far below what people are expecting that we have seen a weak demand in gasoline and we will see that again. the market has been sold off the last week and a half and will continue. we hit 86 today but it will probably stop around $80

before we get a floor on the oil. cheryl: one more question first looking at the sector breakdown into the strongest sectors in the looks completely defensive if you look to the upside or the down side of the s&p. is that the trend of the week for the market's overall to go into the defense of utilities? >> absolutely. some may go way. we are up with the indices' over three and a half months people take off the table and enjoy the money over the summer. you don't want to be out but rotate and me very careful. cheryl: en one heck of a day for these markets and the triple digits swing. also looking at the s&p there are nine stocks

falling to a brand new lows and nicole petallides is watching that from the floor of the new york stock exchange. >> we have seen broadbased selling but economically sensitive sectors are doing the work with energy and financial and technology and some names hitting new 52 week lows with peabody energy and report back iran and going into the green with report mack ran. and going down below $400 the lowest levels we have seen since december of 2011 also newmont mining the best of the worst is what you need like health care or consumer staples that have concerns -- been able to hold on. the dow was down nearly 200 points but still noting the volatility is a breezy here.

less volume but worth noting we are all over the place was broad based selling. back to you. cheryl: 55 minutes to go but to follow the other breaking news over the last hour coming out of boston and rich edson has the latest on what we are burning from the fbi about the boston marathon bombings and if there is a suspect? >> what we have now is the boston police department says there are no arrests and the fbi says contrary to widespread reporting there have been no arrests made. we did report on fox news there was an arrest made and the person was to escort soon but the boston police and fbi push back. fox news has confirmed authorities have an image of a young man carrying and

perhaps dropping a bag at the second bombing scenee the fbi will have another news conference 5:00 this afternoon. less than two hours. but here we have two letters one sent to president obama and republican senator both intercepted at an off-campus processing center both testing positive for rice and that is what authorities are looking into right now. that takes between 24 and 48 hours to determine if that was present also filters that a second government facility show preliminary testing positive for ricin than a number of suspicious package and a letter alerts on capitol hill that have been cleared but still local offices of u.s. senators in

different states reporting they have suspicious packages which could be common for a heightened state of emergency in the summary get a number of tourists that leave bags and packages even a kids leaving the backpacking and it creates panicked. it has become almost routine for a with a high incidence of security continuing as the investigation in boston continues. cheryl: following a few breaking news stories we are getting more breaking news and want to give this to use security officials have just now cleared the boston courthouse ordering staff attorneys and media to leave. what we saw with conflicting reports emerging first there was a suspect in custody than the fbi making a suspect there is no suspect

and of course, the media ran to the boston courthouse. this is coming from the lawyers but security officials are ordering media to leave the courthouse. this is next reporting as you know, in a breaking news situation sometimes the story changes and the facts become a non fact that we're following what is happening in boston, d.c. and in new york with the market's. we will continue to monitor everything we have 50 minutes and tell the bell rings. the big story we are following is the apple. the apple mini says sales fell nearly 30%. we will find out what the retailers are saying. we will tell you what we found out after the break. >> apple lost microsoft

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>> your fox business market jack looked at your shares trading below $400 today with a new intra-day low the lowest level since december december 2011 a couple of issues weighing on the stock apple mini are expected to drop because of a lack of demand. not exactly flying off the shelves three retailers even though i a small sample size but we were told they were fully stocked. there were plenty. one of apple's pager suppliers is taking today

after they announce their earnings report and they will come in below expectations which means apple could potentially have enough room -- enough of a rough quarter if you believe that correlation. are you planning to buy an apple product this spring? log onto a twitter and i will show you their responses later. do you think microsoft will pick up on the apple /? microsoft reports first quarter earnings tomorrow and next two guests disagree and everything except for one thing they both say the steep -- the ceo has to go. i guess but i will start with you both agree that steve ballmer gravitas to go? who would go in his place? >> there are all types of

tech heavyweights their art executive search firms to interview the top 10 people. maybe sanjay get used to be at motorola. there are plenty around. steve ballmer is wonderful but execution has been less than stellar with a six-point to billion dollar writeoff thank goodness they did not do the yahoo deal and accolades to jerry gain for resisting that. >>. cheryl: ron johnson is available what do you say? >> to have an executive with experience in technology to see a little bit around corners not anybody right in the wing to make a great internal candidate but there should be a lot out there

are. cheryl: let's talk about what you disagree about. one of the problems is the decline of pcs sales attributable to the tavern sales that are picking up. do you think those will be another issue with earnings from microsoft? >> gradually it will be an emerging issue but it speaks to the need for microsoft ago when a to present into a mobile platform. you cannot go skinny they have been dipping their toes. they have to go big to buy blackberry or shareholder both are competing for the third space in the united states will behind samsung and apple. they have to go big and mobil to enhance market share. cheryl: so microsoft should just buy blackberry? >> absolutely.

the reason is microsoft is a huge. steve ballmer has done a great job with tools and servers but the enterprise space they own that big-time that fit squarely in the cross hairs where pri and manages its own. cheryl: you don't worry about pc sales? >> it is the big overhang on the stock and the issue that investors have is we have not seen the bottom. what i like is the resilience of the enterprise revenue stream. there is a huge amount of revenue making investments and a common platform across the pc and notebook so windows eight does have common characteristics but they are slow to get momentum off the

gentlemen thank you very much. >> happy to be here. >> we have 40 minutes to go. a settlement with the insider-trading case against sec capital but there is the catch the past to do with the big bank. we will explain that. where are americans moving?

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>> our power mover of the hour, if you live on the east coast it is crazy with a cheese and olives they have the debut on the nasdaq it is up more than $4 about

38 percent this morning opening at $18, $5 and is the crazy place to shop a few are in new york city. could a settlement between the sec mean that steve:is getting off scot-free? said judge has approved $602 million settlement for one of the insider trading disputes but there is a catch conditioned on the future appeals court decision on the settlement with citigroup. joining me now for a fox business exclusive to break it down and for our viewers it is about the settlement doesn't that mean if it is approved he is off the hook? >> stephen:isn't but sec capital could be for a

potentially huge liability exposure with the matthew trades it is a corporate settlement between the second sacu going into historic magnitude the largest of its kind but there is a huge catch because it is a 32 page opinion the judge said we have to see a conditional settlement to see what happens and it is critical with the second court of appeals decision that could have a huge impact on the settlement cheryl: that means the case is effectively over that means i am breathing a sigh of relief because that can get behind us. because they were giving those tips directly to him. >> but not with the personal exposure but i agree with you that it is the big deal

with this aspect with the 32 page opinion said he said this is this element that is so huge, public policy perspective we bring into the integrity of the process if we allow them to rubber-stamp this. this is not an act of god or leprechauns. we will have to wait and see cheryl: the center of appeals court has to give their opinion. will we see that and? >> that will be a close call. a second circuit decision and deals with investor fraud with alleged mortgage fraud related to mortgage-backed securities but we have a similar issue where a judge in that decision said i will not approve this at all i have an ethical problem with this

we're not a rubber stamp with the post blow up world on the and the side of the meltdown he felt judges have a judicial responsibility not to rubberstamp so it will have a direct impact on sac capital. cheryl: a capital -- complicated case but i am sure steve cohen is breathing a sigh of relief. >> keep watching. >> speaking of you may not be surprised he is on institutional investors rich list of a hedge fund managers but it will surprise you the highest hedge fund earner is the management making 2.

$2 billion the number two spot went to bridgewater associates and steve cohen is number 3-d sec capital advisers find one point* $4 billion in 2012 but not number one. the closing bell will ring we have 30 minutes to go and earnings season is well under way. ebay comes up after the bell and we will look at the biggest driver next. as trouble hits apple, check out your responses as we head to break. ♪

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find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. cheryl: though latest developments the conflicting reports about whether a not a suspect -- suspect is in custody looking at a live shot right now from our boston affiliate of the courthouse has report the rest has been made but the fbi says no arrest has been made but a short time ago reuters reported that ec live on your screen that the courthouse was cleared of staff and her earlier pictures showed a that was true and if you were looking at it with us but now it appears the evacuation was

unrelated to the reports that there was a suspect taken to the courthouse. anything we get we will bring you immediately. also up 30 minutes until the ebay earnings are coming out and shibani joe she is here with me in what we should expect from a company synonymous with shopping? >> and this is not the facebook of google or apple but this company is a money maker. eight quarters in a row it has met or beat expectations hand over fist it is making money and continuing to do so. we believe commerce and people and shopping on their mobile phones can you believe it? they are buying vinyl records and talking hater watches and of the mobile phone this is a big driver

for the company with the revenue target estimate looking to grow their revenue from 2012 through 201560% bear reduce the that type of gross? it has its act together. that estimates three point* $7 billion shares are a little weak because we did get a preliminary indications the numbers would be strong so they talk to run how good the numbers will be see may see a pullback but it isn't indicating the strength of the numbers. cheryl: i believe you about that app. why not it is so cheap and it is the auction something for everyone. cheryl: the numbers are coming out of 4:00 p.m. eastern. from ebay to some big losers

let's go to a nicole petallides at new york stock exchange and sandra smith is standing by. >> i just want to give you a glimpse this is a great pie chart to get a feel how we're doing bisectors. but you can see they're under pressure so with energy those are economically sensitive center with names like telecom, utility, health care, consumer staples and talk about bankamerica coming up with their quarterly reports so bank of america us now to the down side with the dow jones industrial average down over four point* 5% in the biggest loser year to date with goldman sachs, morgan stanley, a citigroup is the worst of the bunch.

year to date they did come out with quarterly numbers the one good point* is they did see that was not good enough for the st. cheryl: sandra smith standing by. paula tile is the word of the day from you. >> there were more losers than winners but there were about as many and copper prices plunging through that we could see fat -- further selling not only the u.s. as a global economy but a big energy report to heating oil prices of big loser reporting the lighter than expected demand for the

distillates and that continues for out of five trading-- hitting the four month low crude prices falling as the u.s. output debts with the 20 year high. then that shows the commodity winners on the session and agriculture is very strong. a lot of this is seasonal demand the barbeque season begins also natural-gas is higher by about half a percent. cheryl: more breaking news to fox business that jones has downgraded the credit rating from the a-plus down to the a. the asian markets are closed but this could be a big meaningful to the down side

for those german stocks. that begin jones has just downgraded germany. of course, bear the financial leaker -- peter with ngela marco and her come padres have been dictating to a the and that is not good news in we will be watching that. >> i view of a big story. >> eagan jones is not accrediting agencies. >> but it is germany. that is a big hit. who else is holding up europe? jones. if i am trading german stocks or bonds i may let

that go. >> you saw the interview i had with the attorney and sac capital. >> what he did not get out was it that sec forced firm source citigroup for big companies to it meant wrongdoing nobody would do it. there would force them into court the sec doesn't have the manpower to litigate every single case against wall street. the deterrent volume is a pate of big fine and they're great over the kohl's. is the judge to is ruling regarding citigroup now have to reject it if that's the case that will have huge value because firms will say

the sec will go nuts because they understand companies would say we will not admit anything. why would we? t it would say i would rather rolled the dice. i will fight it out. this will throw securities law from that will whole into complete chaos. the other half as criminal that is where people have to remit or deny wrongdoing. so can they bring a criminal case? so based on what i know matthew is not cooperating with the analysts a ball for the take the $602 million the one that basic -- basically had those tips from of a doctorate deadly about the drug trials. he had a 20 minute phone

call to steve:and people believe something was shared right before they started to sell massively. that is a criminal case if they could get matthew to flip they think they could probably have a criminal case against these:but that is frustrating that they cannot get him to flip. he is not as of now for prizes gets closer the likelihood of charges against steve:becomes very slim because of the statute of limitations. these civil cases george if the judges force the firms to force wrongdoing there will be a massive backlog with no more settlements. cheryl: we love it good stuff closing bell will ring in 16 minutes american airlines forced to ground the entire fleet yesterday

we will look at the impact. the volatility index up 40% in three sessions. are you worried? we have a guest who says no further than the housing market. check out the top cities that people are moving to. ♪ it's a brand new start.

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cheryl: american airlines selling more than two-thirds of scheduled flight after a

computer system from boarding passes to determining how much fuel to put into the plane. today they say operations are back to normal despite creating cancellations with poor weather in chicago. american airlines' stock which is now trading only on the pink sheets. caution there but in one month u.s. airways and american will complete their merger led by the ceo don parker. so how do these cons -- cancellations affect the bottom line? my next guest is up to the next hour after the bell. this has the nonvolatile week for the market. the stocks plummeted in trading in today's bcc p.m. all street so three point*

$5 billion fund manager says don't fret. joining me now is neil hennessy. we had triple digit swain's that may scare the investor a little bit. >> everybody has been saying the market is up its did come up for do this but they're not giving reasons why it should come down. with gas sales and price earnings standpoint. we're definitely not in a market that is said the euphoria stay. not like six and seven you had to buy it or you don't make money.

and back with doc, that was instant wealth and but we're not close to that. over the next three or five years. >> is there a trend from those out there that is part of the reason there is a holdback looking for people to spend that have not been? >> waiting for of pullback any kind they should get and , as were many duty to make a and $2 trillion? >> people are still trying to play catch-up but with the home-building stocks and

housing data has been strong and homebuilders once again powering the market tire bear some of the best performers that we had gain make investment in that group? >> would get the new home builders but it is of the ancillary businesses. city should be buying whirlpool that is where the money is to be made with maintenance on their homes and why not? why put money into it? of the home builders will do well they still will but there is a lot more existing homes and new homes. cheryl: but they have been a of pick in the past but are you standing behind these new names? >> whirlpool pays $2 dividend on $9 earnings. they could raise that easily and mohawk does not pay a dividend so they could

initiate one. there is a lot of room for the market to go higher. cheryl: but that entire market is down. now let's go to the knit cap and beatings of benchmark the knit cap sometimes is lost in the parade. >> if you think about the mid cap is not a large cap but if you want to improve the topline then why not make the acquisition in the mid cap range? you need to make it in the large caps so there's a lot of the company's having a lot of cash flow and if you grow said topline to acquisitions. cheryl: always great to see you thank you for my a

brand-new i glass cleaner. [laughter] the gift that continues to amuse and entertain. [laughter] it will bring in six minutes with the closing bell and earnings reports are moments away. david tasman and glory rothman will have that. [ male announcer ] you are a business pro.

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luckily,e found someone who gave him a fresh perspective on hisortfolio. and with some planning and effort, hopefully bob can retire at a more appropriate age. it's not rocket science. it's just common sense. from td ameritrade. david: hello, everybody. david asman here are lori rothman in for liz we have a recovery but it was a lot worse earlier in the day. up with of the points it recovered, lori, just about the time that those rumors came out about an arrest in the boston bombing case. lori: it is an interesting chart to look at, the

intraday on the dow. i would say, dave, we're still still seeing a flight to safety. the dow is off more than 115 points right now. straight to nicole petallides joining us from the new york stock exchange. david: nicole, let me ask you about that arrest question. because that is the question, whether or not the terror and bombing terror and the reports of ricin in mails down in washington are having an effect on the market. what say you? >> obviously that is not good stuff to have it hit the markets. that is worry. that is terror, a wildcard for this market, coupled with what we're seeing over in europe. you have the imf cutting their numbers abroad, a very strong dollar. all these things are factoring into a very weak market. lori: nicole, minutes away. 30 second as way from the closing bell. ebay earnings released after the bell. how is that stock looking ahead of the results? the street is looking for a firm report? >> ebay is to the downside. we saw applebee low 400.